Messages have appeared on the X social network and the Telegram messenger warning about a fraudulent “pump and dump” scheme for the HULKAMANIA memecoin, associated with professional wrestler Hulk Hogan.

Reports indicate that famous WWE wrestler Hulk Hogan has been actively promoting the HULKAMANIA (HULK) memecoin on social media. But after HULK reached a capitalization of about $18 million, it allegedly removed all advertising messages.

According to the news channel SolanaFloor and network observer DEX Screener, the HULK memecoin has reached peak market capitalization of $18.8 million on June 6. However, the deletion of posts led to memcoin lost market capitalization immediately by $15 million in a matter of minutes, after just an hour and a half from the moment of launch.

Some X users have done their own research and shared screenshots of comments promoting the HULK memecoin, allegedly posted by Hogan. Part of the crypto community suggested that Hogan’s Network X account may have been hacked.

Commenting on the incident, retired professional wrestler Hulk Hogan assertsthat he has nothing to do with the HULK memcoin, and is also not responsible for promoting the asset and removing advertising posts.

Earlier it became known that the team of the social network X blocked the account @Habibi_Comm, associated with a specialist in promoting fake memcoins Sahil Arora. The account suspension stems from a series of accusations of fake screenshots, false claims of partnerships with popular media personalities, and dubious projects.